 \textit{Panel A: Output elasticities }    &  \multicolumn{2}{c}{log(Output)}   &  \multicolumn{2}{c}{log(Output)}   \\     
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline   &&\\   
log(Labor)          &       0.750&       0.222&       0.702&       0.324\\
\addlinespace
log(Materials)      &       0.252&       0.127&       0.226&       0.130\\
\addlinespace
log(Capital)        &       0.148&       0.047&       0.154&       0.071\\
\addlinespace
Serial correlation  &       0.933&       0.111&       0.870&       0.188\\
  &&\\ Method &  \multicolumn{2}{c}{Price control}   & \multicolumn{2}{c}{Quality control}    \\ R-squared &  \multicolumn{2}{c}{.699}  & \multicolumn{2}{c}{.937}      \\ Observations &  \multicolumn{2}{c}{4001}   & \multicolumn{2}{c}{4005}  \\&&& \\ \hline    
 \\ \textit{Panel B:  Markups }           
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&\\   
Average markdown    &       1.707&       0.539&       1.780&       0.570\\
\addlinespace
Average markup      &       0.879&       0.458&       0.789&       0.504\\
  &&\\  \hline    
